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This type of insurance, also known as errors and omissions (EO) insurance, can significantly safeguard your practice from financial losses due to professional mistakes or negligence claims. On average, accountant professionals might expect to pay between $500 to $2,000 annually for a robust EO policy.
Location StateMonthly Cost Without EmployeesMonthly Cost With 20 Employees Arkansas $95 $667 California $98 $693 Colorado $76 $632 Connecticut $74 $62746 more rows May 22, 2024
General liability insurance to help cover claims that your accounting business caused bodily injury or property damage to someone else. Commercial property insurance helps protect your owned or rented building and equipment you use to operate your accounting firm.
Accountants professional liability insurance helps cover your legal costs if your accounting business gets sued for negligence or making a mistake in the professional services given. You can add this coverage to a BOP or buy it as a standalone policy.
Aon Insurance Services is the exclusive administrator of member insurance benefits for the personal and business insurance needs of AICPA members, offering life and health coverages, auto and homeowners plans, personal liability and umbrella insurance.
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The AICPA Professional Liability Program offers specialized insurance coverage for CPAs by CPAs and its the only program endorsed by the AICPA. The Program is underwritten by CNA, an insurer specializing in claims and risk control services, serving the accounting industry since 1962.
Professional liability coverage, also called errors and omissions (EO) insurance, is sometimes regarded as the most important coverage on an accounting and CPA insurance policy. Thats because EO insurance protects accounting businesses from claims of negligence, along with the cost of defending them.
Accountants Guide to Professional Indemnity Insurance. Accountants were one of the first professions to make professional indemnity insurance compulsory for regulated firms. Today, its a large insurance market with many insurers battling for market share.